Project Liverpool - The Irish Times€¦ · Project Liverpool DHCT II Luxembourg S.a r.l. - Tax...

$: Project Liverpool - The Irish Times€¦ · Project Liverpool DHCT II Luxembourg S.a r.l. - Tax number f'8RlliRg Dear Mr Kohl, Pric.ewaterhouscCoopcrs Socictc :\ rcsponsabllltc lhnltcc$
For the attention of Mr Marius Kohl

Administration des Contributions Dircctes Bureau d'imposition Societes VI 18, Rue du Fort Wedell L-2982 Luxembourg

10 June 2009

Reference: VTLN/NAAA/Q2709084M-JOMS

Project Liverpool DHCT II Luxembourg S.a r.l. - Tax number f'8RlliRg

Dear Mr Kohl,

Pric.ewaterhouscCoopcrs Socictc :\ rcsponsabllltc lhnltcc llcviscur d'cntrc1>riscs 400, route d'Esch B.P. 1443 1.-1014 Luxembourg Telephone -r 352 494848- 1 Facsimile +352 494848-2900 www.pwc.com/lu info(allu.pwc.com

On behalf of the above-mentioned company, we would like to submit to your attention the following situation and obtain your agreement and/or your comments on the tax treatment described herein.

A Background

A.I Facts

Doughty Hanson & Co Technology II, through Doughty l lanson & Co Managers Limited, a company incorporated under the laws of England (hereinafter referred to as "Doughty Hanson" or "DH"), has recently set up a Luxembourg Sociere a Responsabilite limitee named DHCT II Luxembourg S.a r.I. (hereinafter referred to as "Luxco") that acquired preferred shares in Sustainable Energy Technologies Ltd., a Canadian company listed on the TSX Venture Exchange specialised in the development of breakthrough solar inverter technology (hereinafter referred to as "Canadian Co").

2 Luxco investment in the preference shares has been funded through the issuance of different classes of shares, providing for different economic rights. With the preferred shares (representing approximately 20% of the total issued share capital of the Canadian Co) Luxco has also received warrants in Canadian Co.

3 For your information, you will find the relevant a<.:quisition steps depicted m Appendix 1 attached hereto.

R.C.S. Luxembourg B 65 477-TVA LUl7564447

A.2 Simp1ified structure

Doughty Hanson

Classes of Shar es

'

LuxCo

.~ 20%

Canadian Co

B Tax regime

B.1 Tax residency

4 Luxco has its statutory seat and central administration1 in Luxembourg. lt follows that Luxco will be considered to be Luxembourg tax resident within the meaning of Article 159 of the Luxembourg Income Tax Law (LITL) and within the meaning of the double tax treaties concluded by Luxembourg. A Luxembourg tax residency certificate will therefore be delivered by the Luxembourg tax authorities upon request.

B.2 Classes of shares

5 Luxco's articles of association provide for different classes of shares. Articles 97 (3) d) and 101 (2) LITL, provide that a redemption of "own shares" followed by a cancellation and a subsequent capital reduction may be characterised as partial liquidation from a Luxembourg tax perspective. Accordingly, any full repurchase and cancellation of an entire class of shares of Luxco will be considered as withholding tax exempt within the meaning of Articles 97 (3) d), 101 (2) and 146 LITL. Please refer to Appendix 2 for further details in this respect.

1 The shareholder's meetings as well as the meetings of the board of managers of Luxco are intended to be regularly and physically held in Luxembourg. The management decisions are intended to be effectively taken in Luxembourg. The accounting and archives will also be kept in Luxembourg.

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Taking into account the importance of the above for our client, we would greatly appreciate your written confirmation of the above tax treatment and/or your comments, if any.

We remain at your disposal should you need any further information and would like to thank you in advance for the attention you will pay to our request.

rs sincerely,

L Vincent Lebrun Partner

Appendices:

Appendix 1: Description of the steps implemented Appendix 2: Description and tax treatment of the classes of shares issued by Luxco

and redemption mechanism Appendix 3: Legal documentation

For appr%val

l e prepose du bureau 'impositio11 Societes 6 Mariu Ko/ii

Luxembourg, le - 2 SEP. 2009

171is lax agreement is based on tire facts as presented 10 Pricewa(erhouseCoopers S.a r.I. as a1 !he dale lire advice wa.r gi\>en. 711e

agreement is dependl'nl on specific facts and circumstances and ma~ not Ix appropriate to another party than the one for which it was

prepared. 111is tax agreement was prepared with only tire inleresls ~DllCT If L11xembo11rg S.a.r.I .. in mind, and was 1101 planned or

carried 0111 in con1empla1io11 of any use by any 01/rer party. Pricew 1crho11seCoopers S.11 r.f., its partnrrs. employees and or agents.

neither owe nor accept any duty of care or any responsibility to a1 ~other party, whether in contract or in tort (incf11di11g without

/Imitation. negligence 01· breach of swtutO/y duty) however arising, an shall not be liable In respecl of any loss. damage or expense of

whatever 11a1ure which is caused 10 any other party.

\

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B.3 Luxembourg participation exemption regime

6 CanadianCo is a fully taxable company in Canada at the standard Canadian corporate income tax rate, and does not benefit from any specific preferential tax regime.

7 Accordingly, Luxco will benefit from the Luxembourg participation exemption regime in Luxembourg with respect to dividends and capital gains derived in relation to its qualifying participation in Canadian Co, provided Luxco holds or commits to hold a participation of at least 10% (or with an acquisition price of at least EUR 1.2 million for dividends and EUR 6 million for capital gains) in Canadian Co for an uninterrupted period of at least 12 months pursuant to Article 166 LITL and the Grand Ducal Regulation of 21 December 2001 for the application of Article 166 LITL.

8 ln addition, said participation in Canadian Co will also benefit from the participation exemption regime for net wealth tax purposes, pursuant to section 60 of the Property and Securities Act.

B.4 Short term upstream loans

9 After Luxco receives proceeds on its investment, it may elect to upstream such proceeds to the shareholders of the relevant share class before the redemption of such share class, under a short term upstream loan.

10 To the extend that the short term upstream loan will bear an arm's length interest rate, the anticipated distribution of the proceeds should not be considered as a hidden distribution in the sense of Article 97 (1) LITL.

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Appendix 1

Description of the steps implemented

1 On 30 April 2009, Doughty Hanson incorporated a new Luxembourg company named DHCT 11 Luxembourg S.a r.I. (hereinafter referred to as "Luxco") as a Luxembourg Societe a Responsabilite limitee with minimum share capital (EUR 12,500).

2 On 5 June 2009 Doughty Hanson funded Luxco with a non-interest bearing loan amounting to EUR 2,895,566.57.

3 Also on 5 June 2009 Luxco acquired preferred shares (representing approximately 20% of the total issued share capital of Canadian Co) and received also warrants to acquire common shares in Canadian Co at CAD 0.15, which must be exercised within 6 months as well as additional warrants to acquire common shares at CAD 0.30, which must be exercised within 4 years.

4 On 8 June 2009 Lux co changed the existing 12,500 shares' nominal value from EUR 1 to EUR 0.01 (so that the ordinary share capital is represented by 1,250,000 shares), and issued additional 9 different classes of shares (Class A to I) having different economic rights of 32, l 72,950 shares at EUR 0.01 each by contribution in kind of the non-interest bearing claim (where the EUR 1.07 balance has been added to Luxco's share premium).

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Appendix 2

A Description and tax treatment of the classes of shares issued by Luxco and redemption mechanism

Luxco issued 9 redeemable classes of shares (class A to 1 shares) which are linked to a specific period of time and give right to the holders thereof pro rata to their holding in such class, in case of a redemption of such class, to the Available Amount for the relevant Period to which the class of shares relates.

2 Each class of Shares is economically linked to an accounting period in particular as explained hereafter.

3 The Period for Class A Shares is the period star1ing on the day of incorporation and ending on the Interim Account Date for the Class A 2009 Interim Accounts (the "Class A Period");

4 The Period for Class B Shares is the period starting on the day after the Class A Period and ending on the Interim Account Date for the Class B 2010 Interim Accounts (the "Class B Period");

5 The Period for Class C Shares is the period starting on the day after the Class B Period and ending on the Interim Account Date for the Class C 2011 Interim Accounts (the "Class C Period");

6 The Period for Class D Shares is the period starting on the day after the Class C Period and ending on the Interim Account Date for the Class D 2012 Interim Accounts (the "Class D Period");

7 The Period for Class E Shares is the period starting on the day after the Class D Period and ending on the Interim Account Date for the Class E 2013 Interim Accounts (the "Class E Period");

8 The Period for Class F Shares is the period starting on the day after the Class E Period and ending on the Interim Account Date for the Class F 2014 Interim Accounts (the "Class F Period");

9 The Period for Class G Shares is the period sta11ing on the day after the Class F Period and ending on the Interim Account Date for the Class G 2015 Interim Accounts (the "Class G Period");

10 The Period for Class H Shares is the period starting on the day after the Class G Period and ending on the Interim Account Date for the Class H 2016 Interim Accounts (the "Class H Period");

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11 The Period for Class I Shares is the period starting on the day after the Class H Period and ending on the Interim Account Date for the Class I 2017 Interim Accounts (the "Class I Period");

12 For the avoidance of doubt, if there has been no Interim Account Date for a certain class, the Class Period of such class will end on the last day of the third month following the first year end after the start date of the relevant class period.

13 The share capital of the company may be reduced through the cancellation of shares including a cancellation of one or more entire classes of shares through the redemption and cancellation of all the shares in issue in such class( es) of shares.

14 In the event of a reduction of share capital through the repurchase and cancellation of one or more classes of shares, the holders of shares of the repurchased and cancelled class( es) shall receive from the company, for each share of the relevant class( es) held by them and cancelled, an amount equal to the so-called Cancellation Value Per Share e~ual to (i) the nominal value per share to be cancelled plus (ii) the Available Amount of the relevant class of shares.

15 In the event a Class of shares has not been repurchased and cancelled within the relevant class period, the holders of such class shall become entitled, in case of a redemption and cancellation of the relevant class, to the A vailablc Amount for a new period which shall start of the date after the last class period (or as the case may be the immediately preceding new period of another class) and end on the Interim Account Date of the interim accounts prepared for the repurchase and cancellation of such class of shares, provided that if there is no Interim Account Date for such class, the class period of such class will end on the last day of the third month following the first year end after the sta1t date of such new pe1iod. The first new period shall start on the date after the Class I period and the classes of shares not repurchased and not cancelled in U1eir Period shall come in the order of class A shares to Class I shares (to the extent not previously repurchased and cancelled).

B Tax treatment of the redemption of a class of shares

16 Under article lOl (I) of LITL, profits derived by the holder of a qualifying participation from the partial liquidation of a Luxembourg joint-stock company is considered as income derived from the realization of the participation, within the meaning of article 101 LITL.

2 "Available Amount": means (without double counting) total amount of net profits of the Company (including carried forward profits, if any) but (i) less the results of any losses (including carried forward losses, if any) expressed as a positive, minus any freely distributable reserves and premium and (ii) less any sums to be placed into unavailable reserve(s) pursuant lo the requirements of the Law or of the Articles determined on the basis of the Interim Accounts relating to the relevant Class Period (or New Period, as the case may be).

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17 According to article 101 (2) LITL, in case of redemption of a participation followed by a consecutive reduction of share capital, the company is deemed to be partially liquidated for a corresponding proportion.

18 In the case at hand, the redemption of a whole class of shares by Lux co followed by a proportional reduction of the share capital of the company would be regarded as a partial liquidation of the entity (article 101 (1) LITL) and thus as a realization by the investors of a part of their participation in one of those companies.

19 Consequently, since income derived from the realization of a shareholding is not included by article 146 LITL within the categories of capital income subject to Luxembourg withholding tax, the redemption of a whole class of shares by Luxco followed by a proportional reduction of its share capital will not be subject to withholding tax in Luxembourg.

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Appendix 3

Legal documentation

1. Articles of association of DHCT II Luxembourg S.a r.l. (as amended) 2. Copy of the register of shareholders

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DHCT II Luxembourg S.a r.1.

Societe a responsabillte limitee

Siege social: 28, Boulevard Royal

L-2449 Luxembourg

Capital social : € 12.500

Ce11ili' conlo1m1 ~ 1'0119inal p3t It nclllr• souss1gn• Maltre Henri HElLINCKlC dt

r6si<ltnce a l1.11•mbou1g

Lu1t111bourg. It

DECISIONS DE L'ASSOCIE UNIQUE du 8juin •

NUMERO

In the year two thousand and nine, on the eighth day of the month of

June.

Before Maitre Henri Hellinckx, notary, residing in Luxembourg, Grand

Duchy of Luxembourg.

There appeared:

Doughty Hanson & Co Managers Limited, a company incorporated

under the laws of England, having its registered office at 45 Pall Mall, London

SW1Y 5JG (United Kingdom) and registered with the Company House under

number 03015047, represented by Me Toinon Hoss. maitre en droff, residing

in Luxembourg, pursuant to a proxy dated 5tn June 2009 which shall be

registered together with the present deed, being the sole shareholder and

holding all the 12,500 shares (parts soclales) In Issue in "DHCT II

Luxembourg S.a r.I.'' (the "Company"), a societe a responsabilite limitee

having its registered office at 28, boulevard Royal, l-2449 Luxembourg,

incorporated on 30 April 2009 by deed of Me Henri Hellinckx, notary residing In

Luxembourg, (not yet published in the Memorial C, Recueil des Societes et

Associations).

'- The appearing party declared and requested the notary to record as

fdllows:

The sole shareholder represented is the sole holder of all of the twelve

dhousand five hundred (12,500) shares in issue in the Company.

The items on which resolutions are to be passed are the following:

(A) Re-composition the issued share capital of the Company by:

A. l splitting the existing twelve thousand five hundred (12,500)

shares by changing the nominal value to one Euro cent (€0.01) per share so

that the issued share capital of twelve thousand Euro (€12,500) is represented

by one million two hundred and fifty thousand (1.250.000) shares;

PAGE I

reclassification of the existing shares into twelve thousand five hundred

(12,500) shares with a nominal value of one Euro cent (€0.01) and issue of

one million two hundred thirty seven five hundred (1,237,500) shares with a

nominal value of one Euro cent (€0.01 );

A. 2 creating different types of shares namely Ordinary Shares, and

Preferred Shares of different class A, class B, class C, class 0, class E. class

F, class G, class H and class I with such rights as determined under agenda

item (C);

A. 3 reclassifying the existing one million two hundred and fifty

thousand (1,250,000) shares into ordinary shares, each with a nominal value

of one Euro cent (€0.01 );

(B) Increase of the issued share capital to two million nine

hundred eight thousand and sixty five euro fifty cents (€2,908,065.50) by the

issue of two hundred eighty nine million five hundred and fifty six thousand five

hundred and fifty (289,556,550) shares with a subscription price and nominal

value of one Euro cent (0.01) in a like number per class (being thirty two

million one hundred seventy two thousand nine hundred and fifty (32, 172,950)

shares per class A, B, C, D, E, F, G, Hand I), subscription to and payment in

kind of the new shares, approval of the valuation of the in kind payment;

(C) Determination of the rights attaching to the Ordinary Shares

and each class of Preferred Shares and amendment of the articles of

incorporation as set forth below:

c. l Amendment of article 5 to read as follows:

Article 5 Share capital

5.1. The Company's corporate capital is set at two million nine

hundred eight thousand and sixty five Euros fifty cents (€2,908,065.50)

represented by:

- one million two hundred fifty thousand ( 1,250,000) Ordinary Shares,

- thirty two million one hundred seventy two thousand nine hundred and

fifty (32, 172,950) class A shares (the "Class A Shares"),


fifty (32, 172,950) class B shares (the "Class B Shares"),


fifty (32, 172,950) class C shares (the "Class C Shares"),


fifty (32.172,950) class D shares (the "Class D Shares"),

PAOE2


fifty (32, 172,950} class E shares (the "Class E Shares"},


fifty (32, 172,950} class F shares (the "Class F Shares").


fifty (32, 172,950) class G shares (the "Class G Shares"),


fifty (32, 172,950) class H shares (the "Class H Shares") and


fifty (32, 172,950) class I shares (the "Class I Shares"),

representing a total of two hundred and ninety million eight hundred and

six thousand five hundred and fifty (290,806,550) shares of a nominal value of

one Euro cent (E0.01) each, all fully paid up.

The Class A Shares, Class B Shares, Class C Shares, Class D Shares,

Class E Shares. Class F Shares, Class G Shares, Class H Shares and Class I

Shares are referred to as the "Preferred Shares" and the Ordinary Shares and

the Preferred Shares are referred to as appropriate as a "share" or the

"shares".

5.2. The share capital of the Company may be reduced through the

cancellation of shares including by the cancellation of one or more entire

classes of Preferred Shares through the repurchase and cancellation of all the

shares in issue in such class(es).

5.2.1. In the event of a reduction of share capital through the repurchase

and the cancellation of one or more entire classes of Preferred Shares, the

holders of shares of the repurchased and cancelled class(es) of Preferred

Shares shall receive from the Company an amount equal to the cancellation

Value Per Share for each Preferred Share of the relevant class(es) held by

them and cancelled.

5.2.2. Each Class of Preferred Shares gives the right to the holders

thereof, pro rata to their holding in such a class, In case of redemption of such

class, to the Available Amount (subject however to the Cancellation Value per

Share as determined pursuant to the present articles of association) for the

relevant period to which the class relates pursuant to the present article:

5.2.2.1.The period for Class A Shares is the period starting on the day of

incorporation and ending on the Interim Account Date for the Class A 2009

Interim Accounts (the ~class A Period");

PAGE 3

5.2.2.2. The period for Class B Shares is the period starting after the

Class A Period and ending on the Interim Account Date for the Class B 201 O

Interim Accounts (the "Class 8 Period");

5.2.2.3. The period for Class C Shares is the period starting after the

Class B Period and ending on the Interim Account Date for the Class C 2011

Interim Accounts (the "Class C Period");

5.2.2.4. The period for Class D Shares is the period starting after the

Class C Period and ending on the Interim Account Date for the Class D 2012

Interim Accounts (the "Class D Period");

5.2.2.5. The period for Class E Shares is the period starting after the

Class D Period and ending on the Interim Account Date for the Class E 2013

Interim Accounts (the "Class E Period");

5.2.2.6. The period for Class F Shares is the period starting after the

Class E Period and ending on the Interim Account Date for the Class F 2014

Interim Accounts (the "Class F Period");

5.2.2.7. The period for Class G Shares is the period starting after the

Class F Period and ending on the Interim Account Date for the Class G 2015

Interim Accounts (the "Class G Period");

5.2.2.8. The period for Class H Shares is the period starting after the

Class G Period and ending on the Interim Account Date for the Class H 2016

Interim Accounts (the "Class H Period"); and

5.2.2.9. The period for Class I Shares is the period starting after the

Class H Period and ending on the Interim Account Date for the Class I 2017

Interim Accounts (the "Class I Period").

5.2.3. In the event a class of Preferred Shares has not been

repurchased and cancelled within the relevant Class Period, the holders of

such class shall become entitled, in case of redemption and cancellation of the

relevant class. to the Available Amount (subject to 5.2.4) for a new period (the

"New Period") which shall start on the date after the latest Class Period {or as

the case may be the immediately preceding New Period of another class) and

end on the Interim Account Date of the Interim Accounts prepared for the

repurchase and cancellation of such class of Pref erred Shares, provided that if

there is no Interim Account Date for such a class, the period of such class will

end on the last day of the third month following the first year end after the start

date of such New Period. The first New Period shall start on the date after the

Class I Period and the classes of Preferred Shares not repurchased and not

cancelled in their Period as per article 5.2.2. shall come in the order of Class A

PAGE4

to Class I (to the extent not previously repurchased and cancelled).

5.2.4. In the case of redemption of a class of Preferred Shares, the

holders of such class of Preferred Shares shall receive the Cancellation Value

per Share calculated as follows: nominal value per Preferred Share to be

cancelled plus Available Amount divided by the number of Preferred Shares in

issue in the class to be repurchased and cancelled unless otherwise resolved

by the general meeting of the shareholders in the manner provided for the

amendment of the articles of association provided however always that the

Cancellation Value per Share shall never be higher than the Available Amount

increased by the nominal value.

5.2.5. The board of managers shall calculate the Available Amount

for the redeemed class (subject to the amount of available profits, premium

and reserves of the Company) on the basis of interim accounts of the

Company (the "Interim Accounts"), each time not older than eight (8) days.

5.3. Any available share premium shall be freely distributable.

5.4. The corporate capital may be changed at any time by decision

of the general shareholders' meeting, in accordance with these articles of

association and within the limits provided for by article 194 of the law of 10

August 1915 on commercial companies, as amended.

c. 2 Amendment of article 13 to read as follows:

Article 13 Distributions

Out of the annual net profit five percent {5%) shall be placed Into a un

distributable legal reserve. This allocation ceases to be compulsory when such

reserve amounts to ten percent (10%) of the issued share capital of the

Company.

The balance may be distributed to the shareholders upon decision of a

general meeting of shareholders in accordance with the provisions of Article 5

{applying mutatis mutandis) provided that an amount equal to twenty five per

cent (25%) of the nominal value of the Ordinary Shares shall either be

reserved for distribution or distributed to the Ordinary Shares.

Any available share premium account may be distributed to the

shareholders upon decision of a general meeting of shareholders in

accordance with the provisions of Article 5 (applying mutatis mutandis).

The g:eneral meeting of shareholders may decide to allocate any amount

out of the share premium account to the legal reserve account.

The shareholders may decide in accordance with the provisions of Article

PAGES

5 (applying mutatis mutandis) and provided that an amount equal to twenty

five per cent (25%) of the nominal value of the Ordinary Shares shall either be

reserved for distribution or distributed to the Ordinary Shares, to pay interim

dividends on the basis of statements of accounts prepared by the manager, or

as the case may be the board of managers, showing that sufficient funds are

available for distribution, it being understood that the amount to be distributed

may not exceed profits realised since the end of the last accounting year

increased by profits carried forward and distributable reserves but decreased

by losses carried forward and sums to be allocated to a reserve to be

established by law (without double counting).

c. 3 Addition of a new article 15 as set forth below (and

consequential amendment of the numbering of the articles thereafter)

Article 15 Definitions

Class A Interim 2009 Means the Interim Accounts for the

Accounts repurchase and cancellation of the

Class A Shares.

Class B Interim 2010 Means the Interim Accounts for the


Class B Shares.

Class c Interim 2011 Means the Interim Accounts for the


Class C Shares.

Class D Interim 2012 Means the Interim Accounts for the


Class D Shares.

Class E Interim 2013 Means the Interim Accounts for the


Class E Shares.

Class F Interim 2014 Means the Interim Accounts for the


Class F Shares.

Class G Interim 2015 Means the Interim Accounts for the


Class G Shares.

Class H Interim 2016 Means the Interim Accounts for the


PAGE6

Class

Accounts

Class Period

Avallabf e Amount

Interim 2017

PAGE?

Class H Shares.

Means the Interim Accounts for the

repurchase and cancellation of the

Class I Shares.

Means Class A Period, Class B

Period, Class C Period, Class D

Period, Class E Period, Class F

Period, Class G Period, Class H

Period and Class I Period.

Means (without double counting)

total amount of net profits of the

Company {including carried forward

profits, if any) but {i) less the results

of any losses {including carried

forwarded losses, if any) expressed

as a positive, minus any freely

distributable reserves and premium

and (ii) less any sums to be placed

into unavailable reserve(s) pursuant

to the requirements of the law of 1 O

August 1915 on commercial

companies, as amended or the

articles of association) determined on

the basis of the Interim Accounts

relating to the relevant Class Period

(or New Period, as the case may be).

So that

AA= P - (L +LR) + R

Whereby

AA= Available Amount

P= net available profits

(including carry forward)

L= any losses (including carried

Interim Accounts

Interim Account Date

forwarded losses)

LR= amounts placed or to be placed

into unavailable reserve(s)

R= available reserves and premium

Means the interim accounts of the

Company as at the relevant Interim

Account Date.

Means the date no earlier than eight

(8) days before the date of the

repurchase and cancellation of the

relevant Class of Shares, provided

that such date may not be later than

the last day of the third month after

the first year end following the start

date of the relevant period.

Thereafter the following resolutions were passed:

FIRST RESOLUTION

It is resolved to re-compose the issued share capital of the Company by

splitting the existing twelve thousand five hundred (12,500) shares by

changing the nominal value to one Euro cent (€0.01) per share so that the

issued share capital of twelve thousand Euro {€12,500) is represented by one

million two hundred and fifty thousand (1,250,000) shares.

It is resolved to reclassify the existing shares into twelve thousand five

hundred (12,500) shares with a nominal value of one Euro cent (€0.01) and

issue of one million two hundred thirty seven five hundred (1,237,500) shares

with a nominal value of one Euro cent (€0.01 ).

It is resolved to create different types of shares namely Ordinary Shares,

and Preferred Shares of different class A, class B, class C, class D, class E,

class F, class G, class H and class I with such rights as set forth below.

It is resolved to reclassify the existing one million two hundred and fifty

thousand (1,250,000) shares into Ordinary Shares, each with a nominal value

of one Euro cent (€0.01 ).

SECOND RESOLUTION

It is resolved to increase the issued share capital to two million nine

PAGES

hundred eight thousand and sixty five euro fifty cents (€2,908,065.50) by the

issue of two hundred eighty nine million five hundred and fifty six thousand five

hundred and fifty (289,556,550) shares with a subscription price and nominal

value of one Euro cent (0.01) in a like number per class (being thirty two

million one hundred seventy two thousand nine hundred and fifty (32, 172,950)

shares per class A, B, C, D, E, F, G, H and I). Thereupon the sole

shareholder, prenamed, here represented as aforementioned, subscribed to

all

-thirty two million one hundred seventy two thousand nine hundred and

fifty (32, 172,950) class A shares,


fifty (32, 172,950) class B shares,


fifty (32, 172,950) class C shares,


fifty (32, 172,950) class D shares,

·thirty two million one hundred seventy two thousand nine hundred and

fifty (32, 172,950) class E shares,

• thirty two million one hundred seventy two thousand nine hundred and

fifty (32, 172,950) class F shares,


fifty (32, 172,950) class G shares,


fifty (32, 172,950) class H shares, and


fifty (32, 172,950) class I shares, so issued and fully paid the total subscription

and issue price of two million eight hundred ninety five thousand five hundred

and sixty five Euro and fifty cents (€2,895,565.50) (and a premium of one Euro

and seven cents (€1.07)) by contribution in kind of a non-interest bearing claim

against the Company of a total amount of two million eight hundred ninety five

thousand five hundred and sixty six Euro fifty seven cents (€2,895,566.57).

The contribution in kind has been the subject of a valuation report by the board

of managers of the Company the conclusion of which reads as follows and

which it is resolved to approve:

~In view of the above, the Board of Managers believe that the value of the

contribution In kind amounts to two million eight hundred ninety five thousand

and five hundred sixty six and fifty seven cents (€2,895,566.57) which is equal

PAGE9

to the total subscription price of €2,895,566.57 of the Additional Shares

(nominal value and premium)".

Evidence of the contribution in kind was shown to the notary.

THIRD RESOLUTION

It is resolved to determine of the rights attaching to the Ordinary Shares

and each class of Preferred Shares as set forth below and to amend of the

articles of incorporation as set forth in the agenda (article 5, article 13, new

article 15 and renumbering of subsequent articles).

All items on the agenda have thus been resolved on.

EXPENSES, VALUATION

The expenses, costs, fees and charges of any kind whatsoever which will

have to be borne by the Company as a result of its formation are estimated at

approximately EUR 3,000.-.

Whereof the present deed was drawn up in Luxembourg, on the day

named at the beginning of this document.

The document having been read to the person appearing, who requested

that the deed should be documented in the English language, the said person

appearing signed the present original deed together with us, the Notary,

having personal knowledge of the English language.

The present deed, worded in English, is followed by a translation into

French. In case of divergences between the English and the French text. the

English version will prevail.

SUIT LA TRADUCTION FRANCAISE DU TEXTE QUI PRECEDE

L'an deux mille neuf, le huitieme jour du mo is de ju in.

Par-devant nous, Maitre Henri Hellinckx, notaire de residence a Luxembourg, Grand Duche de Luxembourg,

A comparu Doughty Hanson & Co Managers Limited, une societe

constituee sous les lois d'Angleterre, ayant son siege social au 45 Pall Mall,

SW1Y 5JG Londres (Royaume-Uni) et immatriculee aupres du Company

House sous le numero 03015047, represents par Me Toinon Hoss, maitre en

droit, demeurant a Luxembourg en vertu d'une procuration en date du 5 juin

2009 (cette procuration sera enregistree ensemble avec le present acte), etant

l'associe unique et detenant la totalite des douze mille cinq cent ( 12.500) parts

sociales dans « DHCT II Luxembourg S.ar.I. » (la « Societe » ), une societe a

PAGE 10

responsabilite limitee ayant son siege social au 28, Bout evard Royal, L-2449

Luxembourg, constituee en date du 30 avril 2009 par acte de Me Henri

Hellinckx precite (pas encore publie au Memorial C, Recueif des Societes et

Associations).

Le comparant declare et prie le notaire d'acter que:

L'associe unique represente detient toutes les parts sociales emises ace

jour par la Societe.

Les points sur lesquels des resolutions doivent etre prises sont les

suivants:

(A) Recomposition du capital social de la Societe par :

A.1 division des douze mille cinq cents (12.500} parts sociales existantes

par changement de la valeur nominale a un centime d'euro (€0,01) par part

sociale de sorte que le capital social emis de douze mille cinq cents euros

(€12.500) soit represente par un million deux cent cinquante mille (1.250.000)

parts sociales ; reclassification des parts sociales existantes en douze mille

cinq cents (12.500) parts sociales d'une valeur nominals d'un centime d'euro

(€0,01) et emission d'un million deux cent trente-sept mille cinq cents

(1.237.500) parts sociales d'une valeur nominale d'un centime d'euro (€0,01);

A.2 creation de differentes sortes de parts soclales a savoir les Parts

Sociales Ordinaires, et les Parts Sociales Privilegiees de differentes classe A,

classe B. classe C, classe D, classe E, classe F, classe G, classe H et classe I

ayant les droits tels que determines au point (C) de l'ordre du jour ;

A.3 reclassification des un million deux cent cinquante mille (1.250.000)

parts sociales existantes en Parts Sociales Ordinaires, chacune ayant une

valeur nominale d'un centime d'euro (€0,01) ;

(B) Augmentation du capital social em is a deux millions neuf cent huit

mille soixante cinq euros et cinquante centimes (€2.908.065,50) par !'emission

de deux cent quatre-vingt-neuf millions cinq cent cinquante-six mille cinq cent

cinquante (289.556.550) parts sociales ayant un prix de souscriptlon et une

valeur nominale d'un centime d'euro (€0,01) en un nombre identique par

classe (soit trente-deux millions cent soixante-douze mille neuf cent cinquante

(32.172.950) parts sociales par classe A, B, C, D. E. F. G, H et I). souscription

aux, et paiement en nature des, nouvelles parts sociales, approbation de

!'evaluation du paiement en nature ; ..

(C) Determination des droits attaches aux Parts Soclales Ordinaires et

chacune des classes des Parts Sociales Privilegiees et modification des

PAGE 11

statuts tels que ci-dessous :

C.1 Modification de !'article 5 de sorte qu'il ait la teneur suivante :

Article 5 Capital social

5.1 Le capital social de la Societe est fixe a deux millions neut cent huit

mille soixante cinq euros et cinquante centimes (€2.908.065,50). represente

par:

- un million deux cent cinquante mille (1.250.000) parts sociales (les

« Parts Sociales Ordinaires » ),

- trente-deux millions cent soixante-douze mille neut cent cinquante

(32.172.950) parts sociales de classe A (les « Parts Sociales de Classe A » ),

- trente-deux millions cent solxante-douze mille neut cent cinquante

(32.172.950) parts sociales de classe B (les « Parts Sociales de Classe B » ),


(32.172.950) parts sociales de classe C (les « Parts Sociales de Classe C » ).


(32.172.950) parts sociales de classe D (les « Parts Sociales de Classe O » ).

- trente-deux millions cent soixante-douze mille neuf cent cinquante

(32.172.950) parts sociales de classe E (les « Parts Sociales de Classe E » ).


(32.172.950) parts sociales de classe F (les « Parts Sociales de Classe F » ).


(32.172.950) parts sociales de classe G (les «Parts Sociales de Classe G »),


(32.172.950) parts sociales de classe H (les « Parts Sociales de Classe H » ),


(32.172.950) parts sociales de classe I (les « Parts Sociales de Classe I »),

representant un total de deux cent quatre-vingt-dix millions huit cent six

mille cinq cent cinquante (290.806.550) parts sociales, chacune d'une valeur

nominale d'un centime d'euro (€ 0,01 ), toutes entierement liberees.

Les Parts Sociales de Classe A, les Parts Sociales de Classe B, les Parts

Sociales de Classe C, Jes Parts Sociales de Classe 0, les Parts Sociales de

Classe E, les Parts Sociales de Classe F. les Parts Sociales de Classe G, les

Parts Sociales de Classe H ainsi que les Parts Sociales de Classe I sont

conjointement designees ensemble ci-dessous « Parts Sociales Privilegiees »,

et les Parts Sociales Privilegiees et les Parts Soclales Ordinaires sont

conjointement designees ensemble ci-dessous (selon le cas) «part sociale »

PAGE 12

ou « parts sociales ».

5.2 Le capital social de la Societe peut ~tre reduit par annulation de parts

soclales y compris l'annulation d'une ou plusieurs classes entieres de Parts

Sociales Privilegiees, par le rachat et l'annulation de toutes les parts sociales

en emission dans cette (ces) classe(s).

5.2.1 Dans l'hypothese d'une reduction du capital social par rachat

et l'annulation d'une ou plusieurs classes entieres de Parts Sociales

Privilegiees, les detenteurs de parts sociales appartenant a la classe ou aux

classes de Parts Sociales Privilegiees rachetee{s) et annulee{s) recevront de

la Societe un montant egal a la Valeur d'Annulation par Part Sociale pour

chaque Part Sociale Privilegiee de la classe ou des classes en question

detenue(s) par l'associe et annulee(s).

5.2.2 Chaque Classe de Part Sociale Privilegiee donne droit, en cas

de rachat de telle classe, a ses porteurs, au prorata de leur part dans ladite

classe, au Montant Oisponible (conformement a la Valeur d'Annulation par

Part Sociale telle que determinee par les presents Statuts) pour la periode a laquelle la classe se ref ere selon les termes du present article:

5.2.2.1 La periode pour les Parts Sociales de Classe A est celle

commenc;ant le jour de la constitution et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2009 de Classe A (la « Periode de

Classe A ») ;

5.2.2.2 La periode pour les Parts Sociales de Classe B est celle

commern;ant apres la Periode de Classe A et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2010 de Classe B (la « Periode de

Classe B ») ;

5.2.2.3 La periode pour les Parts Sociales de Classe C est celle

commen9ant apres la Periode de Classe B et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2011 de Classe C (la « Periode de

Classe C ») :

5.2.2.4 La periode pour les Parts Sociales de Classe D est celle

commenyant apres la Periode de Classe C et finissant a la Date des Comptes

lnterlmaires pour les Comptes lnterimaires 2012 de Classe D (la « Periode de

Classe D >>) ;

5.2.2.5 La periode pour les Parts Sociales de Classe E est celle

commenyant apres la Periode de Classe 0 et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2013 de Classe E (la « Periode de

Classe E ») ;

PAGE 13

5.2.2.6 La periode pour les Parts Sociales de Classe F est celle

commen9ant apres la Periode de Classe E et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2014 de Classe F (la« Periode de

Classe F ») ;

5.2.2. 7 La periode pour les Parts Sociales de Classe G est celle

commenyant apres la Periode de Classe F et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2015 de Classe G (la« Periode de

Classe G ») ;

5.2.2.8 La periode pour les Parts Sociales de Classe H est celle

commen<(ant apres la Periode de Classe Get flnissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2016 de Classe H {la « Periode de

Classe H ») ; et

5.2.2.9 La periode pour les Parts Sociales de Classe I est celle

commen9ant apres la Periode de Classe H et finissant a la Date des Comptes

lnterimaires pour les Comptes lnterimaires 2017 de Classe I (la « Periode de

Classe I » ).

5.2. 3 Dans le cas ou une classe de Parts Sociales Privilegiees

n'aurait pas eta rachetee et annulee au cours de ladite Periode de Classe, les

detenteurs de cette classe pourront pretendre, en cas de rachat et

d'annulation de ladite classe, au Montant Disponible (sous reserve du point

5.2.4) pour une nouvelle periode (la MNouvelle Periode") qui commencera le

jour suivant la derniere Periods de Classe (ou, le cas echeant, la Nouvelle

Periode qui precede immediatement celle d'une autre classe) et se terminera

a la Date des Comptes lnterimaires prepares pour te racha1 et l'annulation de

cette classe de Parts Sociales Privilegiees, a condition que, s'il n'y a pas de

Date de Comptes lnterimaires pour cette classe, la periode de cette classe se

terminera le demier jour du troisieme mois suivant la fin de la premiere annee

apres la date de debut de cette Nouvelle Periode. La premiere Nouvelle

Periode commencera a la date suivant la Periode de la Classe I et les classes

de Parts Sociales Privilegiees qui n'auront pas ete rachetees ni annulees au

cours de leur Periode, selon !'article 5.2.2., se succederont dans l'ordre de la

Classe A a la Classe I (dans la mesure ou elles n'auraient pas ete rachetees

et annulees entre-temps).

5.2.4 Dans le cas du rachat d'une classe de Parts Sociales

Privilegiees, les detenteurs de cette classe de Parts Sociales Privilegiees

percevront le Montant d'Annulation par Part Sociale calcule comme suit :

valeur nominale par Part Sociale Privilegiee devant ~tre annulee plus le

PAGE 14

Montant Disponible divise par le nombre de Parts Sociales Privilegiees emises

dans la ciasse devant etre rachetee et annulee sauf decision contraire de

!'assemble generale des associes prise dans les conditions requises pour les

modifications statutaires etant entendu toutefois que le Montant d'Annulation

par Part Sociale ne doit jamais ~tre superieur au Montant Disponible

augmente de la valeur nominale.

5.2.5 Le conseil de gerance devra calculer le Montant Disponible de

la classe rachetee ( conformement au montant des benefices disponibles, des

primes d'emission et des reserves de la Societe) sur base des comptes

lnterimaires de la Societe (les « Comptes lnterimaires » ), datant a chaque fois

de huit (8) jours au plus.

5.3 Toute prime d'emission disponible est librement distribuable.

5.4 Le capital social peut ~tre modifie a tout moment par une decision de

l'assemblee generale des associes conformement a !'article 10 des presents

Statuts et dans les limites prevues a I' article 194 de la loi du 1 O aoOt 1915 sur

les societes commerciales, telle que modiflee.

C.2 Modification de !'article 13 afin qu'il ait la teneur suivante :

Artlcre 13 Distributions

Sur le benefice net, ii sera preleve cinq pourcent (5%) pour la constitution

de la reserve legale. Ce prelevement cessera d'etre obligatoire lorsque cette

reserve atteint dix pourcent (10%) du capital social emis de la Societe.

Le solde peut etre distribue aux associes par decision de l'assemblee

generale des associes conformement aux dispositions de !'Article 5 (applicable

mutatis mutandis).

Le compte prime d'emission pourra etre distribue aux associes sur

decision de l'assemblee generale des associes conformement aux

dispositions de !'Article 5 (applicable mutatis mutandis) a condition qu'un

montant egal a vingt-cinq pour cent (25%) de la valeur nominale des Parts

Sociales Ordinaires doivent etre soit reservees pour la distribution OU

distribuees aux Parts Sociales Ordinaires. Tout montant disponible au compte

de prime d'emission peut etre distribue aux associes sur decision de

l'assemblee generale des associes conformement aux dispositions de l'Artlcle

5 (applicable mutatis mutandis).

L'assemblee generate des associes pourra decider d'allouer un montant

quelconque du compte prime d'emission au compte reserve legale.

Les associes pourront decider, conformement aux dispositions de !'Article

PAGE 15

5 (applicable mutatis mutandis) et a condition qu'un montant egal a vingt-cinq

pour cent (25%} de la valeur nominale des Parts Sociales Ordinaires doivent

etre soit reservees pour la distribution ou distribuees aux Parts Sociales

Ordinaires. de verser des dividendes interimaires sur base des releves de

compte prepares par le gerant, ou le cas echeant par le conseil de gerance,

demontrant que des fonds suffisants sont disponibles pour permettre une

distribution, etant entendu que le montant dlstribue ne pourra exceder les

profits realises depuis la fin du demier exercice comptable augmente des

benefices reportes et des reserves distribuables mais diminue des pertes

repartees et sommes devant btre affectees a la reserve legale (sans double

comptabilisation ).

C.3 Ajout d'un nowel article 15 tel que presente ci-dessous (et

modification en consequence de la numerotation des articles par la suite)

Article 15 Definitions

Comptes lnterimaires 2009

deClasseA


de Classe B


deClasseC


de Classe D


de Classe E

Comptes lnterlmalres 2014

de Classe F

Comptes lnterlmaires 2015

de Classe G


Signifie les Comptes lnterimaires pour

le rachat et l'annulation des Parts

Sociales de Classe A.



Sociales de Classe B.



Sociales de Classe C.



Sociales de Classe D.


le rachat et l'annulatlon des Parts

Sociales de Classe E.



Sociales de Classe F.



Sociales de Classe G.


PAGE16

de Class& H

Comptes lnterlmalres 2017

de Classe I

Per iode de Classe

Montant Disponible


Sociales de Classe H.

Slgnifie les Comptes lnterimaires pour


Sociales de Classe I.

Signifie la Periode de Classe A,

Periode de Classe B, Periode de

Classe c. Peri ode de Classe D,

Periode de Classe E, Periode de

Classe F, Peri ode de Classe G,

Periode de classe H et Periode de

Classe I.

Signifie (sans double comptabilisation)

le montant total des benefices nets de

la Soclete (y compris le cas echeant

les benefices reportes) mais (i) molns

les resultats de toutes pertes (y

compris le cas echeant les pertes

reportees) exprimees de maniere

positive, moins toute reserve ou prime

librement distribuable et (ii) moins

toutes les sommes placees en reserve

conformement aux exigences de la loi

du 10 aoOt 1915 sur les societes

commerciales, telle que modifiee, ou

des statuts) determinees sur base des

Comptes lnterimaires relatifs a la

Periode de la Classe concemee (ou la

Nouvelle Periode, selon le cas) de

sorte que

MD = BN - (P + RL) + R

Ou

MD = Montant Disponible

BN = benefices nets disponible (y

compris les benefices reportes)

PAGE17

Comptes lnterimaires

Date des Comptes

lnterlmaires

P = toutes pertes (y compris

pertes reportees)

RL = sommes placees ou devant

etre placees en reserve(s)

indisponible(s)

R =reserves disponibles et prime

d'emission

Signifie les comptes interirnaires de la

Societe a la Date des Comptes

lnterimaires concemee

Signifie la date precedant huit (8) jours

au plus la date de rachat et

d'annulation de la Classe de Parts

Sociales concemee, etant entendu que

cette date ne peut etre une date

posterieure au demier jour du

troisieme mois de la premiere annee

suivant la date de debut de la periode

concemee.

A la suite de quol, les resolutions suivantes ont ete prises :

PREMIERE RESOLUTION

II est decide de recomposer le capital social emis de la Societe en

divisant les douze mille cinq cents (12.500) parts sociales existantes en

changeant la valeur nominale a un centime d'euro (€0,01} par part sociale de

sorte que le capital social emis de douze rnille cinq cents euros (€12.500} soit

represente par un million deux cent cinquante mille (1.250.000) parts sociales.

II est decide de reclasser les parts sociales existantes en douze mille cinq

cents (12.500} parts sociales d'une valeur nominals d'un centime d'euro

(€0,01) et d'emettre un million deux cent trente-sept mille cinq cents

(1.237.500) parts sociales d'une valeur nominale d'un centime d'euro (€0,01 ).

II est decide de creer differentes sortes de parts sociales a savoir les

Parts Sociales Ordinaires, et les Parts Sociales Privilegiees de differentes

classe A, classe 8, classe C, classe D, classe E. classe F, classe G, classe H

et classe I ayant les droits tels que determines ci-dessous.

II est decide de reclasser les un million deux cent cinquante mille

PAGE 18

{1.250.000) parts sociales existantes en Parts Sociales Ordinaires, chacune

ayant une valeur nominale de un centime d'euro (€0,01 ).

DEUXIEME RESOLUTION II est decide d'augmenter le capital social emis a deux millions neuf cent

huit mille soixante cinq euros et cinquante centimes {€2.908.065.50) par

!'emission de deux cent quatre-vingt-neuf millions cinq cent cinquante-six mille

cinq cent cinquante {289.556.550) parts sociales ayant un prix de souscription

et une valeur nomlnale d'un centime d'euro (€0,01) en un nombre identique

par classe (soit trente-deux millions cent soixante-douze mille neuf cent

cinquante (32.1 72.950) parts sociales par classe A. 8, C, D, E, F, G, H et I). A

la suite de quoi l'associe unique precite ici represente comme ii est dit a

souscrit a toutes les

trente-deux millions cent soixante-douze mille neuf cent cinquante

(32.172.950) parts sociales de classe A (les « Parts Sociales de Classe A » ),


(32.172.950) parts sociales de classe B (les « Parts Sociales de Classe B »),


(32.172.950) parts sociales de classe C (les « Parts Soclales de Classe C » ),


(32.1 72.950) parts sociales de classe D (les « Parts Sociales de Classe D » ),


(32.172.950) parts sociales de classe E (les « Parts Sociales de Classe E » ),


(32.1 72.950) parts sociales de classe F (les « Parts Sociales de Classe F » ),


(32.1 72.950) parts sociales de classe G (les « Parts Sociales de Classe G » ),


(32.172.950) parts sociales de classe H (les « Parts Sociales de Classe H » ),

trente-deux millions cent soixante-douze mille neuf cent clnquante

(32.172.950) parts sociales de classe I (les « Parts Sociales de Classe I » ),

ainsi emises et a paye le prix total de souscription et d'emission de deux

millions huit cent quatre-vingt-quinze mille cinq cent soixante-cinq euros et

cinquante centimes (€2.895.565,50) (et un premium de un euro et sept

centimes (€1,07)) par apport en nature d'une creance ne portant pas interet

envers la Societe d'un montant total de deux millions huit cent quatre-vingt

quinze mille cinq cent soixante six euros et cinquante-sept centimes

(€2.895.566,57). L'apport en nature a fait l'objet d'un rapport par le conseil de

PAGE19

gerance de la Societe dont la conclusion a la teneur suivante et qu'il est

decide d'approuver:

«Au vu de ce qui precede, le Conseil de Gerance est d'avls que la valeur

de l'apport en nature s'eleve a deux millions huit cent quatre-vingtMquinze mille

cinq cent soixante six euros et cinquanteMsept centimes (€2.895.566,57) ce qui

est egal u prix total de souscription de €2.895.566,57 des Parts Sociales

Additionnelles (valeur nominale et premium) ».

Preuve de rapport en nature a ete montree au notaire.

TROISIEME RESOLUTION

II est decide de determiner les droits attaches aux Parts Sociales

Ordinaires et chacune des classes de Parts Sociales Privilegiees tels que

presentes ci-dessous et de modifier les statuts tel que presente a l'ordre du

jour (article 5, article 13, nouvel article 15 et renumerotation des articles par la

suite).

Une decision a done ete prise sur tous les points portes a l'ordre du jour.

FRAIS ET DEPENSES Les frais, depenses, remunerations OU charges SOUS quelque forme que

ce soit, incombant a la Societe sont evalues a EUR 3.000,-.

Dont Acte, fait et passe a Luxembourg, date qu'en tete des presents.

Le document a ete lu aux parties comparantes, qui ont requis que le

present acte soit redige en langue anglaise, lesdites comparantes ont signe le

present acte avec nous, notaire, qui avons une connaissance personnelle de

la langue anglaise.

Le present acte, redige en anglais, est suivi d'une traduction fran9aise.

En cas de divergence entre la version anglaise et la version fran9aise, la

version anglalse fera foi.

PAGE20

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